Just as today, in the years following World War II the United States faced a national debt exceeding 100% of GDP. Yet, by the early 1970s, that figure had fallen to around 30%. Many policymakers and commentators today point back at this period as proof that economic growth and sound fiscal policies can solve America’s current debt crisis. But can we really "grow our way out" of today’s $36.4 trillion national debt the way we did after the war? The numbers suggest otherwise. The drop in debt-to-GDP following World War II was driven by several key factors: Rapid economic growth: The post-war...

For more than half a century, the global economy has operated under a monetary system divorced from gold. The 1971 collapse of the Bretton Woods system, where the U.S. dollar’s convertibility to gold was suspended, ushered in the fiat money era, a regime in which paper currencies are backed by nothing but government decree. Economist Murray Rothbard, in What Has Government Done to Our Money?, particularly in the chapter “The Monetary Breakdown of the West,” details how this transition has distorted economic incentives, weakened the real economy, and fueled financial speculation at the...

As American consumers and businesses face the looming possibility of additional tariffs under a second Trump administration, it is worth revisiting the incisive critique of protectionism put forth by economist Murray Rothbard in his book Power and Market. Rothbard’s analysis exposes protectionism not as a tool for national prosperity but as a mechanism for enriching politically connected interests at the expense of the general population. With policymakers entertaining yet more trade restrictions, his arguments remain as relevant as ever. Protectionism, in its essence, involves the use of...

California’s catastrophic wildfires have become an annual tragedy. Beyond the devastation they bring to communities and ecosystems, these fires are a powerful metaphor for the unintended consequences of human intervention in natural systems. A primary culprit in California’s wildfire crisis is the state’s stringent environmental regulations, which often prevent the clearing of deadwood and other combustible materials. By not allowing these natural fuels to be managed by interested private companies, the state creates the perfect conditions for devastating infernos. This dynamic offers an...